There is no definite time when to go public after the D round of financing. If the company develops badly, it will never go public. D-round financing is only for enterprises to raise funds for development. After the D round of financing, there may be E, F and G rounds. Whether to carry out financing depends on the specific development of the enterprise.

angel investment (AI): angel investment has invested in some very early projects, some of which do not even have a complete product and business plan, or only have a concept. Angel investment generally quits after the A round, and angel investment is a kind of venture capital, and the amount of investment is generally small. Angel investors are usually 3f (Family, Friend, Fool)

Venture capital (VC): VC usually invests in some early-stage projects, with a relatively mature business model, generally supported by user data, which is recognized by the market and has strong profitability. After obtaining funds, it can continue to expand the market explosively. Investment nodes are generally at the bottom of the VALLEY OF DEATH. VC can help start-up companies to increase their value quickly, gain recognition from the capital market, and lay the foundation for subsequent financing.

private equity fund (PE): PE usually invests in Pre-IPO companies, and the companies have the foundation for listing. After PE enters, it usually helps companies sort out their governance structure, profit model and fundraising projects, so that they can be listed at least within 1-3 years.

In fact, there is no strict definition of financing rounds. In order to highlight the key points, we can explain them in one sentence:

seed wheel: there is only one idea, which is financed by brushing face.

angel wheel: the product has started but not yet finished, and the model has not been verified.

round a: it has a team, a business model supported by products and data, and a leading position in the industry.

round b: the business model has been fully verified and the company's business has expanded rapidly.

round c: mature business model, large number of users, leading or leading position in the industry, preparing for listing.

round d, e and f financing: an upgraded version of round c.

It is generally divided as follows:

A round of financing: the company's products have matured, started to operate normally for a period of time, and have a complete and detailed business and profit model, which has a certain position and reputation in the industry. The company may still be at a loss. The source of funds is generally a professional venture capital institution (VC). The investment level is generally 1 million RMB to 1 million RMB;

round b financing: after a round of burning money, the company achieved great development. Some companies have started to make profits. There is nothing wrong with the business model and profit model. It may be necessary to launch new businesses and expand new fields. Most of the sources of funds are the follow-up investment of venture capital institutions in the last round, the participation of new venture capital institutions and the participation of private equity investment institutions (PE). The investment level is above 2 million RMB;

round c financing: the company is very mature, and it is not far from listing. It should have started to make a profit, and it is basically the top three in the industry. In addition to expanding new business, this round also has the intention of completing the closed-loop business and writing a good story to prepare for listing. The source of funds is mainly PE, and some previous VCS will also choose to vote with them. Investment scale: more than 1 billion RMB, usually listed after the C round, and some companies choose to finance the D round, but not many;

angel investor (AI): it occurs in the initial stage of the company, which means that the company has a preliminary product appearance (prototype) and can take it to meet people; Have a preliminary business model; Accumulated some core users (angel users). At this time, it is generally to find angel investors and angel investment institutions. The investment is generally in the order of 1 million RMB to 1 million RMB. The original angel investors are referred to as 3F, Family, Friends and Fools.